Step 1 of 6 · Who owes the tax
Form 5330 — Section F: Prohibited tax shelter transactions
The $20,000 tax an entity manager owes for each approval, or other act, that made a plan entity a party to a prohibited tax shelter transaction.
This return reports Section F taxes only.
A Form 5330 may report the taxes of one section. If you also owe an excise tax from another section, it has its own due date and needs its own Form 5330 — start a second one from the section list.
Due: The 15th day of the 5th month following the close of the entity manager's tax year during which the plan became a party to the transaction.
Who owes the tax
Form 5330 is filed by whoever is liable for the excise tax. That is not automatically the plan, its sponsor, the account's custodian, the plan administrator, or the person filling this in — and whoever signs is asked for separately, later.